KEDE Numerical (SH:688305) Sou Hu Cai Jing·2025-08-21 11:10Core Viewpoint - Kede CNC reported a revenue increase in the first half of 2025, but faced challenges with profit margins and overall profitability [1][3][5] Financial Performance - Revenue for the first half of 2025 grew by 15.24% year-on-year to 295 million yuan, while net profit only slightly increased by 1.27% to 49 million yuan [1] - The net profit margin decreased from 18.91% in the first half of 2024 to 16.64% in 2025 [3] - Gross profit margin fell from 43.40% to 38.67% [5] - Return on equity declined by 0.94 percentage points to 2.65% [5] Operational Efficiency - Inventory turnover days reached 511.80, indicating relatively weak inventory conversion capability [6] - Net cash flow from operating activities improved to 165 million yuan, compared to a negative 20 million yuan in the same period of 2024 [6] - The debt-to-asset ratio for the first half of 2025 was 18.62%, a decrease of 0.67 percentage points year-on-year, suggesting reduced financial leverage [6] Institutional Investment - The number of institutional investors holding Kede CNC shares dropped significantly from 102 in 2024 to just 2 [8] - The company's market capitalization peaked at 14.651 billion yuan on August 24, 2021, and currently stands at 8.361 billion yuan, indicating a need for a 75.23% increase in stock price to reach historical highs [8] - Despite current challenges, the company maintains long-term development potential in the high-end CNC machine tool sector due to its technological accumulation and market position [8]